Question 1

How do defenders of capitalism respond to critics who point to the profound economic inequalities that characterize capitalist society?

Accepted Answer

Defenders of capitalism often respond to

Question 2

The U. S. trade deficit has shrunk significantly in recent decades.

Accepted Answer

A) True 
 B)False

Question 3

Explain the correlation between job security and work ethic now and in the past.

Accepted Answer

Job security and work ethic have always

Question 4

Marxism states

Accepted Answer

A)  capitalism leads to a concentration of property and thus a concentration of resources and power in relatively few hands. 
B)  socialism will eventually be replaced by financial capitalism. 
C)  the means of production should be placed under the control of the bourgeoisie. 
D)  only workers who are poorly paid in a capitalist system are alienated. 
A)  capitalism leads to a concentration of property and thus a concentration of resources and power in relatively few hands. 
B)  socialism will eventually be replaced by financial capitalism. 
C)  the means of production should be placed under the control of the bourgeoisie. 
D)  only workers who are poorly paid in a capitalist system are alienated.

Question 5

What we call capitalism did not fully emerge until the Renaissance in Europe during the 15th and 16th centuries.

Accepted Answer

A) True 
 B)False

Question 6

The profit motive

Accepted Answer

A)  is a fundamental feature of all societies. 
B)  is no longer a key feature of capitalism. 
C)  must be checked by competition if society is to benefit. 
D)  is basically immoral. 
A)  is a fundamental feature of all societies. 
B)  is no longer a key feature of capitalism. 
C)  must be checked by competition if society is to benefit. 
D)  is basically immoral.

Question 7

The capitalism that we know today in the United States is a "pure" form of laissez-faire capitalism.

Accepted Answer

A) True 
 B)False

Question 8

Socialism is an economic system characterized by public ownership of property and a planned economy.

Accepted Answer

A) True 
 B)False

Question 9

Karl Marx believed that

Accepted Answer

A)  under capitalism workers are alienated in several ways. 
B)  capitalism no longer exploits workers. 
C)  industrialization does away with alienation. 
D)  workers are alienated from their products, but not from themselves or other people. 
A)  under capitalism workers are alienated in several ways. 
B)  capitalism no longer exploits workers. 
C)  industrialization does away with alienation. 
D)  workers are alienated from their products, but not from themselves or other people.

Question 10

Evidence for the idea that American manufacturing is declining is

Accepted Answer

A)  the fact that government now employs more people than manufacturing. 
B)  a reluctance to outsource. 
C)  fewer "hollow" corporations. 
D)  a shrinking trade deficit. 
A)  the fact that government now employs more people than manufacturing. 
B)  a reluctance to outsource. 
C)  fewer "hollow" corporations. 
D)  a shrinking trade deficit.

Question 11

A basic premise of Adam Smith's is

Accepted Answer

A)  human beings try to avoid acquisitive behavior. 
B)  when people are left to pursue their own economic interests, disaster looms. 
C)  the division of labor, though good for the firm, reduces overall efficiency. 
D)  we can secure what we need from others only by offering them something they need from us. 
A)  human beings try to avoid acquisitive behavior. 
B)  when people are left to pursue their own economic interests, disaster looms. 
C)  the division of labor, though good for the firm, reduces overall efficiency. 
D)  we can secure what we need from others only by offering them something they need from us.

Question 12

Many economists are concerned that the growing trade deficit makes the U.S. vulnerable to

Accepted Answer

A)  terrorist attacks. 
B)  depression. 
C)  ease. 
D)  economic extortion. 
A)  terrorist attacks. 
B)  depression. 
C)  ease. 
D)  economic extortion.

Question 13

What is capitalism's view of human nature?

Accepted Answer

Capitalism, as an economic system, does

Question 14

Which statement best describes capitalism?

Accepted Answer

A)  Capitalism is an economic system in which the means of production and distribution is in state hands. 
B)  Capitalism is an economic system that operates under the profit motive. 
C)  Capitalism is an economic system that dispenses with competition. 
D)  Capitalism is an economic system where the profits generated belong to the state as a whole. 
A)  Capitalism is an economic system in which the means of production and distribution is in state hands. 
B)  Capitalism is an economic system that operates under the profit motive. 
C)  Capitalism is an economic system that dispenses with competition. 
D)  Capitalism is an economic system where the profits generated belong to the state as a whole.

Question 15

What is the difference between capitalism and socialism? What is "worker control socialism"?

Accepted Answer

Capitalism and socialism are two differe

Question 16

Which of the following historical stages of capitalism came first?

Accepted Answer

A)  financial 
B)  mercantile 
C)  industrial 
D)  state welfare 
A)  financial 
B)  mercantile 
C)  industrial 
D)  state welfare

Question 17

Sometimes capitalism is defended based on the idea that we have a natural right to property. How might this defense be criticized?

Accepted Answer

The defense of capitalism based on the i

Question 18

Capitalism is possible without private property.

Accepted Answer

A) True 
 B)False

Question 19

Is Walmart a positive or negative influence on the American economy? Justify your position with information from the "One Nation Under Walmart" article

Accepted Answer

Walmart has been a controversial figure

Question 20

Rather than strong work ethic, a more commonly seen role is:

Accepted Answer

A)  Me - first 
B)  Happy days are here to stay 
C)  I like it easy 
D)  Let the boss sweat it 
A)  Me - first 
B)  Happy days are here to stay 
C)  I like it easy 
D)  Let the boss sweat it

How do defenders of capitalism respond to critics who point to the profound economic inequalities that characterize capitalist society?

The U. S. trade deficit has shrunk significantly in recent decades.

Explain the correlation between job security and work ethic now and in the past.

Marxism states

What we call capitalism did not fully emerge until the Renaissance in Europe during the 15th and 16th centuries.

The profit motive

The capitalism that we know today in the United States is a "pure" form of laissez-faire capitalism.

Socialism is an economic system characterized by public ownership of property and a planned economy.

Karl Marx believed that

Evidence for the idea that American manufacturing is declining is

A basic premise of Adam Smith's is

Many economists are concerned that the growing trade deficit makes the U.S. vulnerable to

What is capitalism's view of human nature?

Which statement best describes capitalism?

What is the difference between capitalism and socialism? What is "worker control socialism"?

Which of the following historical stages of capitalism came first?

Sometimes capitalism is defended based on the idea that we have a natural right to property. How might this defense be criticized?

Capitalism is possible without private property.

Is Walmart a positive or negative influence on the American economy? Justify your position with information from the "One Nation Under Walmart" article

Rather than strong work ethic, a more commonly seen role is:

The Nature of Morality

Normative Theories of Ethics

Justice and Economic Distribution

Corporations

Consumers

The Environment

The Workplace Basic Issues

The Workplace Todays Challenges

Moral Choices Facing Employees

Job Discrimination

Filters

Exam 4: The Nature of Capitalism

How do defenders of capitalism respond to critics who point to the profound economic inequalities that characterize capitalist society?

The U. S. trade deficit has shrunk significantly in recent decades.

Explain the correlation between job security and work ethic now and in the past.

Marxism states

What we call capitalism did not fully emerge until the Renaissance in Europe during the 15th and 16th centuries.

The profit motive

The capitalism that we know today in the United States is a "pure" form of laissez-faire capitalism.

Socialism is an economic system characterized by public ownership of property and a planned economy.

Karl Marx believed that

Evidence for the idea that American manufacturing is declining is

A basic premise of Adam Smith's is

Many economists are concerned that the growing trade deficit makes the U.S. vulnerable to

What is capitalism's view of human nature?

Which statement best describes capitalism?

What is the difference between capitalism and socialism? What is "worker control socialism"?

Which of the following historical stages of capitalism came first?

Sometimes capitalism is defended based on the idea that we have a natural right to property. How might this defense be criticized?

Capitalism is possible without private property.

Is Walmart a positive or negative influence on the American economy? Justify your position with information from the "One Nation Under Walmart" article

Rather than strong work ethic, a more commonly seen role is:

The Nature of Morality

Normative Theories of Ethics

Justice and Economic Distribution

Corporations

Consumers

The Environment

The Workplace Basic Issues

The Workplace Todays Challenges

Moral Choices Facing Employees

Job Discrimination

Filters